The future of the CFPB under the Biden administration
In today’s Mortgage Desk segment of HousingWire Daily, Mayer Brown Partner Ori Lev, who was a founding member of the Consumer Financial Protection Bureau where he served as a deputy enforcement director, talks about the future of the CFPB and what this most recent ruling means.
Here is a small preview of today’s interview on the future of the CFPB. The transcript below has been lightly edited for length and clarity:
Kelsey Ramírez: What do you foresee the CFPB’s regulator reign looking like in the future under the Biden administration?
Ori Lev: We do expect that there will be a new CFPB director, in light of the Supreme Court’s decision, because President Biden can fire Kathy Kraninger if she doesn’t resign. We’re going to see a CFPB that presumably is going to look more like the CFPB did under President Obama: A bit more muscular, a bit more focused on consumer protection, and less solicitous of business concerns. On the enforcement front, I think there has been some change, but there’s also been some continuity, and that gets lost in the shuffle. What we’ve seen under Director Kraninger has been continued focus on unfair, deceptive, and abusive acts and practices or what’s called UDAAP. And that was true under the CFPB under President Obama, and I expect it will be true as we continue into President Biden’s administration. That is, the nature and substance of the legal claims they’re bringing haven’t changed much.
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HousingWire articles covered in this episode: